Transcript

JAMES MONTIER

The herd mentality drives a lot of the bubble-like behaviour that we see. That unwillingness to stand alone from the crowd is undoubtedly the major extender of all bubbles.

DAVID GROSS (Historian of Financial Bubbles)

I liken it to a group of dogs that I saw at a circus once, these big sheepdogs. And they're slobbering and jumping all over each other and they all run in one direction until they pile up in the corner, then they'd get up and start going in another direction full speed until they crash into that. And I think there's a degree to which markets work like that.